MNC Wireless to venture into film industry

PETALING JAYA: MNC Wireless Bhd has entered into a memorandum of understanding (MoU) with New Zealand-based production house Monfils Pictures Ltd to produce and market a biopic of war photojournalist, Tim Page.

According to a press statement, under the terms of the MoU, the two companies have agreed to form an equity joint venture company, with MNC and Monfils holding 51% and 49% stake, respectively.

The finalisation of the relevant definitive agreement will be completed in six months.

MNC executive director Christopher Tan said Southeast Asia has been a region of focus and growing industry for the past couple of years, which feed entertainment needs of more than 640 million people.

He highlighted that streaming giants such as Netflix and iFlix, having their headquarters in the region to oversee production in Asia, are increasingly looking east for subscribers and localised content to diversify their swelling content libraries.

“We at MNC want to participate in this growth in the region and internationally and am confident that this will contribute positively to MNC’s bottom line, on the back of this collaboration with award winning Monfils Pictures,” said Tan.